We have been looking for a house in NJ for a year now, we like to think that we learned a lot in the process but every time we set our eyes on a new listing a new type of problem comes out. Now it's the turn of a nice property, 1 acre plot, the house is old (1924) but seems quite sturdy. It needs almost everything updated but we could move in with just a few fixes (removing the red carpet being the very first). We did our homework and found out that all major concerns (septic tank, oil tank) have been taken care the proper way, the only thing that bothers me in particular because it could affect the resale value of the property is the fact that across the road there's a big building with some sort of business (I believe it's a perfume company). Given that everything else is checking out, how big of a no-no could this building across the street be in terms of resale value of the house? Both me and the wife are foreign nationals (I'm Italian and she's British) and I am working in the US with a Visa hoping in a Green Card in a few years (I love this Country since when I was a kid in Florence, Italy), that means that if anything happens to my employment status we would be on the first plane to...haven't decided yet. Goes without saying that we should be able to sell the house in a reasonable time. As you can probably tell we're property virgins...thanks for any suggestion you may feel to send our way!This message has been edited. Last edited by: serviceguy,
Service guy, lots of good questions and welcome to the Real Estates Boards. Sounds like you have been doing your homework and the main question is the effect a business across the street might have on your property values should you decide to buy and, then have to sell suddenly.
Can't tell you anything regarding the need to suddenly leave (only you know how likely or unlikely that might be) but I can tell you that well-maintained properties such as the one you are describing usually hold their value as long as the new owners keep up with maintenance.
Bottom line, is this a house that you want to call home? If so, I would definately explore the possibilities further. If not, walk now. All depends on you and your wife regarding how long you intend to be in the area and whether or not you see this property as a long-range home rather than a short turn-around place. This message has been edited. Last edited by: Idaho Resident,
As a buyer, I would not have a problem with buying a house across the street from a perfume business, assuming it's a quiet business. How loud can it be to make perfume? That's what I don't know. Is t loud there? Does it run 24/7? Check that out, if you can.
How long one plans to live there, and if the price is below market can have merit too. Some things to consider: Check zoning for the area? No guarantee this current business is not going to be sold at any time and some other business move in. And your own property may be zoned for light or medium business, which could possibly make it more valuable for land rather than residential. There is a fair price and use for every property, so I would do all the research before making a decision on it.
There are alot of variables here. So think it through...with expert advice.
If you are talking resort or little Bed and Breakfast type town..probably yes. If the business are more factory or warehouse residential mix, maybe.
Then, again, could you buy, hold and sell "commerical zoning"...possibilty seling it as a business building???
Ahhh..got you thinking..huh? Go to to the township zoning office explore possibilities for the future. Find out if there is a possibility to rezone in the future and what is planned for the town.....for instance main road widening plans..etc. I wouldn't make a committment until I've done my homework, or make your homework a contingency.This message has been edited. Last edited by: real estate lady,
Well, I appreciated everybody's input. We decided to make a list and compare Pros and Cons and while the Cons were a full page the Pros came down to the fact that we loved the land. Too much work to do from the basement up and the perfume business did not help being there. Needless to say we moved on...
If you like homes with land, and not a postage stamp.. look into USDA loans, (Dept. of Agriculture) $0 down! This is a relatively new program, only I believe a couple years or so old, ruraland new home developments in our rural areas of Tampa Bay have excelled in sales with this program.
There is a boundry map for your town or city in order to qualify area, then you can look at properties outside that boundary line. I believe you may even be able to input your town and get the boundary map. Some Realtors don't even know about this program. You can search "UDSA home loans" it's a .gov website that gives all the info.
I think it was smart to pass up the property across from the perfume factory.This message has been edited. Last edited by: real estate lady,
Glad to know you made a practical decision and did not let the exterior beauty and charm weigh too heavily in your decision.
When I first saw the title of your thread it thought - Oh No, Seven/Eleven next door. A dear friend had a terrible time selling her beautiful beach house just a few short blocks to the ocean because a fast food restaurant backed up to her property.
Before you came back and posted, I was going to say it all depends on the mix in the area, zoning and zoning of the property the house was located on along with other neighbors on your side of the street and around you.
Originally posted by serviceguy: Well, I appreciated everybody's input. We decided to make a list and compare Pros and Cons and while the Cons were a full page the Pros came down to the fact that we loved the land. Too much work to do from the basement up and the perfume business did not help being there. Needless to say we moved on...
Thanks for posting back ~ and we really can offer some good suggestions as you move forward! ~ Best of luck!
Originally posted by Toni Patillo: that's a cool idea Thanks for sharing
Tom, Thanks for your most informative post. As a professional real estate agent (I hesitate to use the formal term Realtor because you have ignored the rules of the boards to come on here and advertise your business when it is strictly against the rules.) you would know to encourage your buyers to do the same for any house they have questions about.
We have many Realtors participating on the boards, myself included, who do not feel the need to break the rules.
They way things stand regarding the Inmigration Law, and what would happen if they rescind your visa. I would wait for a while before you commit to buy any property.This message has been edited. Last edited by: rker321,
A business across the street WILL make the house lower in value
I don't think it would make it any lower for a second sale than a first, everything else being equal.
We had a big battle some time ago with our town v our neighborhood and the rezoning of a residence to a business. That residence has been across the street for years from a fire station (volunteer) a gas station, and a bakery.
It sold at prime market value at that time (before crash) and then they did get re-zoning and since the business is not a great success it doesn't interfere except that it is a business instead of a residence.